Former RSA boss Andy Haste awarded £2.8m for final year

INSURER RSA gave its former chief executive Andy Haste a 27 per cent pay rise for 2011 – despite him leaving the firm at the end of last year.

Haste’s pay packet hit £2.77m last year, up from his 2010 remuneration of £2.18m. He was also awarded various long-term share and pension benefits.

RSA also revealed that it paid outgoing finance director George Culmer, who is set to become the new finance boss of Lloyds Banking Group, a total of £703,000 – down from £1.15m in 2010.

Chairman John Napier said the pair’s pay packets were justified by a successful eight years in charge.

“Their departure terms reflect the goodwill of us all, the board and hopefully the shareholders, in marking a job well done,” he explained.

Haste launched an overhaul of RSA after taking over in 2003, selling off underperforming life insurance units and ring-fencing the group from potentially crippling <a href="http://www.fentons.co.uk/industrial-disease-claims/asbestos-claims/"; target="_blank">asbestos-related claims</a>.

Simon Lee replaced Haste as the company’s chief executive last year and was paid a total of £1.15m for 2011.